Coal India in demand, ONGC slips further; Sensex rangebound

Jul 17, 2014, 02.30 PM IST | Source: Moneycontrol.com

Coal India gained more than 2.5 percent after power and coal minister, Piyush Goyal said the ministry appealed to environment ministry and also asked state governments for allowing extra mining.

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Coal India gained more than 2.5 percent after power and coal minister, Piyush Goyal said the ministry appealed to environment ministry and also asked state governments for allowing extra mining.

14:00

Moneycontrol Bureau
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Margins dragged during the quarter due to lower gross margins and higher employee costs. Due to competition, the company could not raise prices and pass on costs to consumers.

The two-wheeler maker's net profit rose marginally to Rs 740 crore compared to Rs 737.7 crore in same quarter last year, dented by weak operational performance and higher depreciation charge.

02:00pm Equity benchmarks remained in tight range from morning trade. The Sensex slipped 16.84 points to 25532.88 while the Nifty rose 6.95 points to 7631.35. The broader space continued to be in demand with the BSE Midcap and Smallcap indices rising over a percent.

About 1619 shares have advanced, 1155 shares declined, and 96 shares are unchanged.

Coal India gained more than 2.5 percent after power and coal minister, Piyush Goyal said the ministry appealed to environment ministry and also asked state governments for allowing extra mining.

"The government is taking all necessary measures to hike coal production. We hope to ramp up coal production in 1-2 years with states' help," he added.

ONGC lost nearly 2 percent after the companyy opposed stake sale by the government before issues are resolved. It wants fuel subsidy sharing and natural gas pricing resolved before stake sale. In a letter to oil ministry, the company said divestment now may not realise true value.